Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.


No announcement yet.

Buy to let?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Buy to let?

    Me: I am 20 years old and currently studying at my local university. I help out with the family business but I don't have a job.

    I am looking into 'buy to let' and I have a 15k deposit. I will be looking at properties max 100k.

    Is it possible for me to do this without a job? What's involved?

    I might of missed some information and questions out but your help would be much appreciated

  • #2
    Re: Buy to let?

    You really need to find a local mortgage broker to talk this through with, but it is likely to be difficult to find a lender for several reasons.....

    1. Many Buy to Let lenders these days require the applicant to have earned income so that they can support the mortgage repayments in times of a lack of tenant.

    2. Most lenders do not like lending on a Buy to Let mortgage for a first time buyer as there have been fraudulent applications in the past where those who couldn't get a traditional residential mortgage have been getting Buy to Let mortgages and then living in the property themselves.

    3. You will need a minimum deposit of 20% for Buy to Let mortgages at the moment, but ideally a 25% deposit is preferable.
    Property for sale in Torquay



    • #3
      Re: Buy to let?

      Also, many lenders only offer BTL mortgages to people over the age of 25.

      It is worth discussing your situation with a broker, but from your post you have everything against you I'm afraid.


      • #4
        Re: Buy to let?

        Thanks for the help! I think the next step for my is to have a word with a mortgage advisor and until i have a full time job etc ill just keep saving.

        Anyone got any good ideas what i can do with the money in the mean time?


        • #5
          Re: Buy to let?

          In the meantime:

          Do you have an ISA? If not get one. There's great rates on fixed term ISA's at the moment. I just opened a 3 year fixed. The interest rate climbs over the 3 years. Or you can have one where you don't fix the term and there's no penalty to take your money out. Tax free interest!

          Premium Bonds:
          I've got a block of premium bonds and I've won at least 5 times. Which has amounted to a few hundred quid over the last 4 years! They're SAFE! you don't lose anything and you can take your money back out when you want to. The bigger a block you buy the more likely you are to win.


          • #6
            Re: Buy to let?

            I have to agree with Beyond your first step has to be an ISA. If you don't you are needlessly paying tax on some of your savings.